Sharp is planning to reduce employees' pay

Japanese Sharp is not doing to well it seems, as the company might resolve to lowering the wages for its managers and other workers in fiscal 2015 to lower costs.

The company has some 4'000 managers spread across its domestic group companies, and the company may reduce pay with 5 percent for its management staff, and about 2 percent for others, according to a Reuters report.

The company aims to save – more than – USD 83.7 million a year (or JPY 10 billion) via measures to reduce its labour costs.

In its original plan the company had planned to reduce wages by 1.5 percent, but is now looking to make a larger reduction due to further declines in the January-March quarter, the report continues.

The company is also planing to reduce its workforce by 12 percent in a global restructuring, something that is expected to cost more than USD 1.7 billion, an unnamed source told Reuters last week.

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